Protect Your Interests During Your High Net Worth Divorce
Ending your marriage is already a difficult, emotionally charged process, but it can be even more complicated in the case of a high net worth divorce. When you and your spouse have accumulated considerable assets in both real estate and personal property, it can be challenging to work out a fair asset division as required by New Jersey divorce laws. Plus, there are complex legal rules regarding spousal support, otherwise known as alimony.
Unless you have a knowledgeable, skilled attorney on your side, you put your legal rights at risk. Our lawyers at Giro & Associates LLC offer the experienced, committed counsel you need to aggressively protect your interests in a high net worth divorce. We have been representing clients in Bergen County and the surrounding region for decades, so you can feel confident that you are putting your divorce case in good hands.
Navigating Complex Asset Division And Spousal Support Matters
Under state law, it is first necessary to categorize property into marital and non-marital before dividing assets between divorcing spouses. Generally, all assets acquired during the marriage are marital, and items obtained beforehand are separate property. The statute on asset division rules requires an equitable distribution, which may not be an equal, 50-50 split.
In addition, a court will review the appropriateness and amount of spousal support to which one spouse may be entitled. Generally, alimony is intended to provide for a lower-earning spouse, so that he or she can enjoy the same standard of living as existed during the marriage.
Factors That Impact High Net Worth Divorce Proceedings
There are a number of factors a court reviews when determining equitable asset division and spousal support in any divorce, but the stakes are higher in a high net worth divorce. Though these are separate issues, many of the considerations overlap. They include:
- Prenuptial agreements, the validity of which may be a major dispute in a high-asset divorce
- Considerations related to each party’s current and future earning capacity, such as age, physical and emotional health, education, experience, and length of time out of the job market
- Factors regarding the marriage, including whether one spouse gave up job opportunities to contribute to the household
- The standard of living and present value of all property, considerations which are hotly disputed in high net worth divorce cases
- Which spouse has custody of minor children, if any
- Other factors designated by law
Note that marital misconduct is generally not a consideration when determining spousal support and asset division; however, a judge may base an order for property or alimony upon one spouse’s actions in wasting marital assets.